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Accounting Term of the DayLEASEAn implied or written agreement specifying the conditions under which a lessor (owner) ac...
12/09/2022

Accounting Term of the Day

LEASE

An implied or written agreement specifying the conditions under which a lessor (owner) accepts to let out a property for an agreed length of time to be used by a lessee (user), while the owner is assured consistent payment over the agreed period. There might however be a buy option post termination of the lease agreement.

IFRS 16 has more information on accounting for leases.

Accounting Term of the DayIMPAIRMENTImpairment is a permanent reduction in the value of a company's fixed or intangible ...
05/09/2022

Accounting Term of the Day

IMPAIRMENT

Impairment is a permanent reduction in the value of a company's fixed or intangible asset as the result of an unusual or one-time event, such as a change in consumer demand, or damage that impacts an asset.

Impairment is unexpected damage but Depreciation is expected wear and tear.
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It's September!!!!This year has been a good one for many of us that have refused to let the economy or politics of the c...
01/09/2022

It's September!!!!

This year has been a good one for many of us that have refused to let the economy or politics of the country hold us down but have sought profitable means of improving ourselves.

We welcome you even to a more productive month. TAKE CHARGE!
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What will you do differently this month?

Kindly drop a comment below

QUALIFYING ASSETA qualifying asset is an asset that NECESSARILY takes a substantial period of time to get ready for its ...
29/08/2022

QUALIFYING ASSET

A qualifying asset is an asset that NECESSARILY takes a substantial period of time to get ready for its intended use or sale

Manufacturing plants, Power generation facilities, and inventories that require a substantial period of time to bring them to a saleable condition are some examples.

Kindly follow us for more Accounting Terms.

HAPPY BIRTHDAY to our very own Daniel Joseph Onimisi, Information Director '21...We wish you many more success in your c...
15/08/2022

HAPPY BIRTHDAY to our very own Daniel Joseph Onimisi, Information Director '21...

We wish you many more success in your career and endeavors.

More life, bro.😍

Hi there... Is your data secured online?A lot of accounting work can be lost or bridged if not properly secured. We reco...
08/08/2022

Hi there...

Is your data secured online?
A lot of accounting work can be lost or bridged if not properly secured. We recommend that while you understand the principles of accounting, you should also endeavor to keep your work secured.

Kindly us if you agree.


Accounting Term of the DayFINANCIAL REPORTThe financial report is an umbrella term that several types of reports fall be...
01/08/2022

Accounting Term of the Day

FINANCIAL REPORT

The financial report is an umbrella term that several types of reports fall beneath. Companies prepare Financial reports to provide information to Investors, track cashflow, & analyze their resources. 

However, Financial statements are one such report that falls under the financial report umbrella. In other words, all financial statements are financial reports, but not all financial reports are financial statements.

What do you think?
Drop a comment below

Happy New Month....💃💃💃💃7 months gone in 2022!!! Glory to God! It's been from glory to glory! Yet, there is much to do be...
01/08/2022

Happy New Month....💃💃💃💃

7 months gone in 2022!!! Glory to God! It's been from glory to glory! Yet, there is much to do before the year is over. What have you done about your goals and dreams this year? What steps have you taken? What books have you read? What have you learned? What are you doing differently?

You have got to wake up and this year.
God bless you.

Hi guys... This is another Accounting Term of the Day ..STAMP DUTIESDuty or Tax levied upon the issue of official docume...
18/07/2022

Hi guys...

This is another Accounting Term of the Day ..

STAMP DUTIES

Duty or Tax levied upon the issue of official documents such as passports, deeds, contracts for the transfer of ownership, etc.

Governments impose these taxes as a source of revenue to fund government programs and activities.

With much joy in our hearts, we join our Muslim friends to celebrate EID-AL-ADHA... and we pray that may the good of God...
09/07/2022

With much joy in our hearts, we join our Muslim friends to celebrate EID-AL-ADHA... and we pray that may the good of God abound to them all. Amen.

Enjoy the celebration.

Accounting Term of the DayNon-Controlling InterestA non-controlling interest (NCI), also known as a minority interest, i...
04/07/2022

Accounting Term of the Day

Non-Controlling Interest

A non-controlling interest (NCI), also known as a minority interest, is an ownership position where a shareholder owns less than 50% of outstanding voting shares and (not 'or') has no control over decisions.

This means; that sometimes a shareholder may hold only 49% of a company, but by controlling the board of directors, can direct decisions of the company.

What do you think?
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We are celebrating our wins, no matter the size. This is because we believe that success is not only in numbers but also...
21/06/2022

We are celebrating our wins, no matter the size. This is because we believe that success is not only in numbers but also in consistency and growth.

Are you following us on Twitter? If not, kindly do so today.

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